Which of the following would be considered a transaction deposit?
A)passbook savings account
B)checking account
C)credit card account
D)401(k)retirement account

Question

Quizplus · Accepted Answer

A checking account is considered a transaction deposit because it is designed for the purpose of making transactions, such as writing checks, making debit card purchases or electronic transfers. A passbook savings account is not considered a transaction deposit because it is typically designed for saving money, rather than making frequent transactions. A credit card account is not considered a deposit at all, as it is a line of credit that a person can use to make purchases. The 401(k) retirement account is also not considered a deposit, as it is designed for long-term retirement savings and not for making transactions.

Which of the Following Would Be Considered a Transaction Deposit